Bitcoin Holds Steady Above $93K as Altcoins Soar in Market Optimism

Bitcoin remains strong above $93,000, having peaked at $95,480.48 last week. The crypto market cap has risen from $2.74 trillion to $2.95 trillion, driven by institutional interest and ETF inflows. Ethereum has also gained traction. Market sentiment is neutral, but signs point to potential future volatility and movement as key economic indicators approach.

As we look ahead to the week in crypto, Bitcoin remains steady above the $93,000 mark, recently reaching a high of $95,480.48. It’s been a positive upswing in the market, jumping from a total cap of $2.74 trillion to $2.95 trillion, largely fuelled by Bitcoin’s significant gains. Ethereum has also shown solid performance, and both DeFi and stablecoin volumes have stayed fairly stable. The market sentiment is neutral, but hints of renewed institutional interest and new U.S. economic policies are creating a buzz. This could indicate more market movement and volatility in the coming days.

The last week saw Bitcoin start at about $87,000 on April 21. From there, it climbed steadily, with Ethereum bouncing from around $1,600 to higher levels as well. As of this moment, it’s worth noting that DeFi’s trading volume sits at $5.57 billion, making up approximately 9% of the total market activity over the last day. Meanwhile, stablecoins dominate with a hefty $56.08 billion, accounting for nearly 91% of the total 24-hour market volume. Currently, the market fear and greed index reads neutral at 51 out of 100, with Bitcoin’s dominance at around 63.29%.

Bitcoin broke the $95,000 barrier for the first time in a couple of months last Friday, now hovering around $93,200. The strong inflows into U.S. spot BTC ETFs, totaling around $3.06 billion last week, are adding to the optimistic outlook. With President Trump hinting at possible federal tax cuts related to new trade policies, the market could experience additional fluctuations. Many analysts predict that Bitcoin’s upward trajectory could push prices towards $124,000, given the current institutional appetite and macroeconomic factors at play.

In other updates, Sathvik Vishwanath, who heads Unocoin, noted Bitcoin’s stability above the $93,000 mark, hinting that $94,600 could be the next significant breakout point. The anticipated regulatory clarity from the U.S. SEC is expected to foster further adoption of crypto, contributing to this bullish sentiment.

Market expert Edul Patel from Mudrex shared insights with ABP Live, stating that Bitcoin appears to be trading within a range of $93,000 to $95,000, as traders weigh their options. The positive sentiment is buoyed by notable inflows into Bitcoin ETFs, reaching the highest level in five months. Meanwhile, Ethereum ETFs are also beginning to see net inflows for the first time since February, indicating a shift toward digital assets among institutional investors. Should this trend persist, a surge towards $100,000 could be on the horizon. Furthermore, upcoming data releases related to US and Euro GDP could play a crucial role in shaping investor sentiment next week.

The landscape of cryptocurrency trading is inherently risky and lacks regulation, which means potential investors should tread carefully and consider expert advice. The unpredictability of the crypto market means that investing decisions should be made with caution and informed by thorough research. Don’t forget to stay updated with the top financial news and follow ABP Live for breaking stories.